2025-03-05-中证指数-中证债券估值日报20250306_5页_440kb

报告摘要

中证债券估值日报总结（2025年03月06日）

核心内容概述

本报告汇总了2025年3月6日中国债券市场的关键数据，涵盖公开市场操作、货币市场、债券市场、国债期货、股票市场以及各类债券的收益率和估值变动情况，反映了市场整体趋势与不同品种的表现。

公开市场操作

逆回购操作：央行今日开展1045亿元7天逆回购操作，利率维持在1.50%不变。
逆回购到期：今日有2150亿元逆回购到期。
净回笼：公开市场操作净回笼金额为1105亿元，表明市场流动性有所收紧。

货币市场动态

Shibor：今日Shibor整体上行，其中隔夜Shibor报1.7900%，上行3.50BP；1个月Shibor报1.9100%，上行0.20BP。
回购利率：银行间市场隔夜回购加权利率较前日上行2BP至1.78%；7天回购加权利率上行1BP至1.79%。
交易所市场：交易所市场隔夜回购加权利率为1.46%，相对平稳。

债券市场表现

成交规模：交易所债券成交规模较昨日增加207亿元至1667亿元，其中公司债成交规模增加166亿元至763亿元，显示公司债交易活跃度上升。
收益率波动：
- 利率债：国债收益率整体波动-4BP至4BP，10年期国债收益率上行2BP至1.73%；国开债收益率整体波动-1BP至3BP，10年期国开债收益率上行2BP至1.74%。
- 信用债：中短票据、企业债和交易所公司债各等级收益率整体上行，波动范围为OBP至3BP。
估值净价：利率债和信用债的估值净价均值较前日分别下跌0.09元和0.04元，表明市场整体估值略有下降。

国债期货市场

国债期货整体表现分化，有涨有跌。
- 10年期主力合约：下跌0.19%至108.265。
- 5年期主力合约：下跌0.08%至105.540。
- 2年期主力合约：下跌0.04%至102.208。

股票市场动态

股票市场整体上涨，主要指数表现如下：
- 上证综指：上涨1.17%至3381.10点。
- 深证成指：上涨1.77%至10898.75点。
- 创业板指：上涨2.02%至2234.69点。
- 沪深300：上涨1.38%至3956.24点。
- 科创50：大幅上涨3.48%至1121.58点，显示市场情绪偏暖。

中证债券指数变动

中证全债指数：下跌0.088%，到期收益率为1.872%，修正久期为7.19。
跌幅居前的三条指数：
- 中证国债指数：下跌0.198%。
- 长期国债指数：下跌0.173%。
- 10年国债指数：下跌0.167%。

关键期限收益率变动

| 曲线 | 0.25Y | 0.5Y | 0.75Y | 1Y | 2Y | 3Y | 5Y | 7Y | 10Y | 15Y | 20Y | 30Y |
|------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| 国债 | -0.04 | -0.05 | +0.01 | -0.02 | -0.04 | -0.07 | -0.11 | -0.17 | -0.20 | -0.18 | -0.43 | -0.72 |
| 国开债 | +0.00 | -0.01 | -0.01 | -0.00 | -0.03 | -0.06 | -0.08 | -0.09 | -0.13 | -0.41 | -0.32 | -0.27 |
| 进出口债 | +0.03 | +0.01 | +0.01 | +0.00 | -0.04 | -0.05 | -0.09 | -0.16 | -0.19 | -0.09 | | |
| 农发债 | +0.00 | +0.00 | +0.00 | +0.00 | -0.01 | -0.05 | -0.03 | -0.13 | -0.13 | -0.17 | -0.10 | -0.08 |
| 地方政府债 | +0.00 | +0.00 | +0.00 | +0.00 | -0.03 | -0.04 | -0.07 | -0.05 | -0.11 | -0.12 | -0.06 | +0.01 |
| 铁道债 | +0.00 | +0.00 | +0.00 | +0.00 | -0.01 | -0.01 | -0.01 | -0.09 | -0.09 | -0.05 | -0.11 | +0.01 |
| 公司债AAA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 公司债AA+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 公司债AA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 公司债AA- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 公司债A+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 公司债A | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 公司债A- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 公司债BBB | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 公司债CCC | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 商业银行普通债AAA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 商业银行普通债AA+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 商业银行普通债AA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 商业银行普通债AA- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 城投债AAA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 城投债AA+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 城投债AA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 城投债AA- | +0.00 | +0.00 | +0.00 | +0.00 | +00.00 | +00.00 | +00.00 | +00.00 | +00.00 | +00.00 | +00.00 | +00.00 |
| 产业债AAA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 产业债AA+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 产业债AA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |
| 产业债AA- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.02 | +0.03 | +0.03 | +0.00 | +0.01 | +0.01 |

关键期限估值均价变动

| 曲线 | 0.25Y | 0.5Y | 0.75Y | 1Y | 2Y | 3Y | 5Y | 7Y | 10Y | 15Y | 20Y | 30Y |
|------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| 国债 | +0.00 | +0.00 | +0.01 | -0.02 | -0.04 | -0.07 | -0.11 | -0.17 | -0.20 | -0.18 | -0.43 | -0.72 |
| 国开债 | -0.00 | +0.00 | +0.01 | -0.00 | -0.03 | -0.06 | -0.08 | -0.09 | -0.13 | -0.41 | -0.32 | -0.27 |
| 进出口债 | -0.01 | -0.01 | -0.01 | -0.01 | -0.04 | -0.05 | -0.09 | -0.16 | -0.19 | -0.09 | | |
| 农发债 | -0.05 | -0.01 | -0.01 | -0.01 | -0.01 | -0.05 | -0.03 | -0.13 | -0.13 | -0.17 | -0.10 | -0.08 |
| 地方政府债 | -0.01 | -0.00 | +0.00 | -0.01 | -0.03 | -0.04 | -0.07 | -0.05 | -0.11 | -0.12 | -0.06 | +0.01 |
| 铁道债 | -0.00 | -0.01 | -0.01 | -0.01 | +0.00 | +0.00 | +0.02 | -0.09 | -0.09 | -0.05 | -0.11 | +0.01 |
| 公司债AAA | -0.00 | -0.01 | -0.16 | -0.10 | -0.01 | -0.02 | -0.03 | -0.10 | -0.10 | -0.06 | -0.04 | -0.06 |
| 公司债AA+ | -0.00 | -0.01 | -0.01 | -0.20 | -0.00 | -0.00 | -0.04 | -0.06 | -0.12 | -0.04 | -0.01 | -0.02 |
| 公司债AA | -0.00 | -0.01 | -0.02 | -0.02 | -0.01 | -0.02 | -0.02 | -0.07 | -0.04 | -0.02 | -0.02 | -0.03 |
| 公司债AA- | +0.00 | -0.00 | -0.01 | -0.02 | -0.04 | -0.01 | -0.04 | -0.08 | -0.02 | -0.02 | -0.04 | |
| 公司债A+ | +0.01 | +0.01 | -0.00 | -0.01 | -0.02 | -0.02 | -0.06 | -0.09 | -0.03 | -0.00 | -0.02 | |
| 公司债A | +0.02 | +0.00 | +0.00 | -0.03 | -0.02 | -0.00 | -0.05 | -0.09 | | +0.00 | -0.03 | |
| 公司债A- | | +0.01 | -0.00 | +0.00 | -0.01 | | -0.01 | -0.01 | -0.03 | | -0.02 | |
| 公司债BBB | | +0.03 | | +0.00 | -0.00 | | -0.01 | | +0.00 | | | |
| 公司债CCC | +0.02 | +0.03 | -0.17 | -0.13 | -0.05 | -0.07 | -0.13 | -0.00 | +0.01 | +0.01 | +0.04 | |
| 商业银行普通债AAA | -0.00 | -0.00 | -0.00 | -0.00 | -0.01 | +0.00 | -0.04 | | | | | |
| 商业银行普通债AA+ | -0.00 | -0.00 | +0.00 | +0.00 | -0.01 | -0.05 | -0.06 | -0.01 | -0.08 | -0.10 | | -0.26 |
| 商业银行普通债AA | -0.00 | -0.01 | +0.00 | -0.07 | +0.00 | +0.00 | -0.04 | -0.00 | -0.05 | | | |
| 商业银行普通债AA- | -0.03 | -0.05 | -0.16 | -0.29 | -0.00 | +0.00 | -0.04 | -0.01 | -0.03 | | | |
| 商业银行普通债A+ | -0.04 | -0.01 | -0.01 | -0.30 | -0.01 | -0.02 | -0.04 | -0.01 | -0.03 | | | |
| 商业银行普通债A | -0.00 | -0.01 | -0.01 | -0.01 | -0.02 | -0.02 | -0.03 | -0.01 | -0.03 | | | |
| 商业银行普通债A- | | | -0.00 | -0.01 | -0.01 | -0.01 | -0.02 | -0.02 | -0.03 | | | |
| 城投债AAA | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.03 | -0.03 | -0.06 | -0.07 | -0.22 | -0.18 | -0.07 |
| 城投债AA+ | -0.00 | -0.00 | -0.01 | -0.01 | +0.00 | -0.01 | -0.05 | -0.04 | -0.06 | -0.16 | -0.35 | |
| 城投债AA | -0.00 | -0.00 | -0.00 | -0.00 | -0.01 | -0.02 | -0.03 | -0.03 | -0.07 | -0.03 | -0.01 | -0.01 |
| 城投债AA- | +0.00 | -0.01 | -0.00 | -0.16 | +0.00 | +0.00 | -0.02 | -0.01 | +0.01 | | | |
| 产业债AAA | -0.00 | -0.01 | -0.07 | -0.05 | -0.01 | -0.02 | -0.03 | -0.08 | -0.10 | -0.07 | -0.07 | -0.09 |
| 产业债AA+ | -0.00 | -0.01 | -0.01 | -0.11 | +0.00 | -0.00 | -0.05 | -0.07 | -0.14 | -0.08 | -0.04 | -0.06 |
| 产业债AA | -0.00 | -0.01 | -0.02 | -0.04 | -0.01 | -0.02 | -0.03 | -0.07 | -0.08 | -0.04 | -0.02 | -0.03 |
| 产业债AA- | +0.00 | -0.00 | -0.01 | -0.02 | -0.04 | -0.01 | -0.04 | -0.09 | -0.09 | -0.04 | -0.05 | |